Legal Document Updates in English (01/2017)

CHARGE OF VND 01 MILLION FOR ISSUANCE OF LICENSES FOR SETTING UP REPRESENTATIVE OFFICES
OF FOREIGN MOVIE ESTABLISHMENTS
 

On November 15, 2016, the Ministry of Finance issued the Circular No. 289/2016/TT-BTC on amounts, collection, payment, management and use of fees and charges in the cinematography.

In accordance with the Circular, the charge for issuance of licenses for setting up branches or representative offices of foreign movie establishments in Vietnam: VND 1,000,000 per license. Charge for the license and control labeling applicable to tapes and visual discs containing performances in cinematography: VND 500 per label. Amounts of assessment fees for issuance of licenses for

THE MAXIMUM FEE FOR APPRAISAL OF PERFORMANCE ART PROGRAMS
IS VND 5 MILLION
 

On November 15, 2016, the Ministry of Finance issued the Circular No. 288/2016/TT-BTC on amounts, collection, payment, management and use of fees for appraisal of performance art programs; fees for appraisal of performances recorded on tapes, discs, software programs or other materials.

At this Circular, the Ministry of Finance, the fees for appraisal of performance art programs up to 50 minutes is VND 1.5 million; from 51 up to 100 minutes is VND 2 million; from 101 up to 150 minutes is VND 3 million; from 151 up to 200 minutes is VND 3.5 million; From 201

THE INITIAL ISSUANCE FEE FOR CERTIFICATE OF REGISTRATION
FOR ACCOUNTING AND AUDITING PRACTICE IS VND 1,2 MILLION
 

On November, 14, 2016, the Ministry of Finance issued the Circular No. 271/2016/TT-BTC on amounts, collection and payment of assessment fees for issuance of certificates of practice registration, certificates of eligibility for providing accounting and auditing services.

In particular, assessment for issuance of certificate of eligibility for providing accounting and auditing services: VND 4,000,000 per assessment for initial issuance; VND 2,000,000 per assessment for amendments or reissuance

NOTARIZATION OF ECONOMIC CONTRACTS THE MAXIMUM FEE
SHALL BE VND 70 MILLION/CASE
 

The Circular No. 257/2016/TT-BTC issued by the Ministry of Finance on November 11, 2016 on regulations on notarial and authentication service fees, fees for verification of eligibility for practicing as a notary, fees for verification of eligibility for operating private notary office, charges for processing of applications for notary card, and the collection, transfer, management and use thereof.

Accordingly, the notarial service fee shall be calculated according to the value of contract/ transaction for less than VND 50 million is VND 50 thousand; from VND 50 million to VND 100 million is VND 100 thousand and more than VND 100 billion is VND 32.2 million + 0.02% of the portion of the value of property or the value of contract/transaction in excess of VND 100 billion (the maximum fee shall be VND 70 million/ case).

CHARTER CAPITAL OF DEPOSIT INSURANCE OF VIETNAM IS VND 5 TRILLION
 

On November 24, 2016, the Ministry of Finance issued the Circular No. 312/2016/TT-BTC defining financial regulations with respect to deposit insurance of Vietnam, a financial institution that is operating in the form of a single-member limited liability company of which 100% charter capital is held by the State, having a legal status, a seal, and an account under Vietnamese law, operating on a not-for-profit basis, and ensuring capital adequacy and self-financed expenses.

The charter capital of VND 5 trillion of Deposit insurance of Vietnam provided by the state budget and other legal source. The Deposit insurance of Vietnam also have technical reserve funds; development investment funds and other capitals according to the provisions of law.

Deposit Insurance of Vietnam is entitled to use capital to serve its operation according to the law.  Using capital of

ASSESSMENT OF SHIP DESIGNS
 

In accordance with the Circular No. 40/2016/TT-BGTVT dated December 07, 2016 of the Ministry of Transport  on registration of Vietnam sea-going ships, the ship design must comply with relevant national technical regulations on classification and construction of ships, tonnage measurement, ship safety equipment, lifting gear used on board, and ship pollution prevention systems.

Besides, with regard to ships operating in international routes, their ship manuals must also comply with international treaties applicable to ships in terms of maritime safety, security, labor and prevention of environment pollution to which the Socialist Republic of Vietnam is a member.

CONDITIONS FOR SEA TRANSPORTATION BUSINESS
 

The Decree No. 160/2016/ND-CP approved by the Government on conditions for sea transportation business, shipping agency services, and towage services.

In accordance with this Decree, requirements pertaining to enterprises engaging in international sea transportation business, the regarding organizational structure must have a department in charge of safety in accordance with the International Safety Management Code (ISM Code); a department in charge of maritime security in accordance with the International Ship and Port Facility Security Code (ISPS Code); a department in charge of sea transportation business and operation; a department in charge of legal affairs. Regarding finance: A guarantee granted by a credit institution or a branch of foreign bank is required to secure the obligations of the ship owner to seafarers with a minimum of VND 05 billion. Any person in charge of the system of maritime safety and security must be trained and issued with a certificate prescribed by the Minister of Transport; Any person in charge of management of sea transportation business and operation must obtain at least a college’s degree in one of maritime, foreign trade, commercial or economic specialties; Any person in charge